Thursday, July 23, 2009

The Bolivarian revolution is scaring away talent

Newsweek published a very interesting article on the brain drain that's is being felt throughout Venezuelan and other Latin American countries which are embracing the "21st century socialism".

It gives some insights on how even though "Through most of the last century, Venezuela was a haven for immigrants fleeing Old World repression and intolerance" we come to a point where "An estimated million Venezuelans have moved abroad in the decade since Chavez took power". Based on a study results the most affected seem to be the middle class and young where "the outflow of highly skilled labor, aged 25 or older, from Venezuela to OECD countries rose 216 percent between 1990 and 2007".

It also mentions how PDVSA has been a victim of this because "as many as 4,000 of PDVSA's elite staff are now working overseas", and the fact that "up until 2003, researchers at the company's Center for Technological research and Development generated 20 to 30 patents a year. Last year it produced none, even though its staff has doubled".

Even the scientific community has been affected as "an estimated 9,000 Venezuelan scientists are currently living in the U.S. - compared to 6,000 employed in Venezuela." And all of this together could seriously damage the future of what was once one of the most powerful, innovative and stable economies in the sub-continent.

Go ahead and read it here.

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